Taking stern action against Sahara in the high-profile investor refund case involving over 24,000 crore rupees, market regulator SEBI has ordered the freezing of bank accounts and attachment of all properties of two group firms, SIRECL and SHCIL and of top executives, including Subrata Roy.
The properties being attached by SEBI include the land owned by Sahara group firm Aamby Valley Ltd. Besides, SEBI has also ordered attachment of equity shares held in Aamby Valley Ltd, units of mutual funds, bank and demat accounts and investments in all the branches of all banks. The market regulator has also asked all the banks to transfer the amounts lying in those accounts to its SEBI-Sahara Refund Account.
SEBI's action follows directions from the Supreme Court, which had said last week that the market regulator was free to freeze accounts and attach properties if Sahara group firms were not depositing the money with it for refund to investors.
Meanwhile, Sahara group late last night said the action taken by SEBI is based on old facts and the orders for attaching assets of individuals is incorrect on part of the market regulator.